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🔔 MARKET MOVING NEWS! (03/10/24)
1️⃣ SEC Files Appeal in Ripple Lawsuit ❓
The U.S. Securities and Exchange Commission (SEC) has reportedly filed a notice of appeal in the Ripple lawsuit. The SEC seeks to overturn an earlier ruling from Judge Analisa Torres, claiming that the judge’s decision in the Ripple matter “conflicts with decades of Supreme Court precedent and securities laws.” For context, this relates to Judge Torres’ ruling that secondary sales of Ripple's XRP did not constitute securities sales since XRP was not a security in and of itself.
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2️⃣ SEC Enforcement Director Gurbir S. Grewal Steps Down ‼️
Gurbir S. Grewal, the Enforcement Director of the U.S. Securities and Exchange Commission (SEC), is reportedly leaving the agency on Oct. 11th. His departure comes after a 21-year-long service record. Since the SEC has not chosen Grewal’s permanent replacement, the division’s deputy director Sanjay Wadhwa will step up as temporary acting director and Chief Counsel Sam Waldon will serve as acting deputy director. Grewal’s departure is seen as bullish by many in the crypto industry since his leadership saw the agency authorise more than 100 enforcement actions against crypto firms.
Addressing his departure, SEC Chair Gary Gensler stated,
Every day, he has thought about how to best protect investors and help ensure market participants comply with our time-tested securities laws. He has led a Division that has acted without fear or favour, following the facts and the law wherever they may lead. I greatly enjoyed working with him and wish him well.
🔔 MARKET MOVING NEWS! (02/10/24)
1️⃣ Diddy Hires Lawyer of Prison Bunkmate Sam Bankman-Fried ❓
Recent court filings show that the disgraced hip-hop superstar Sean “Diddy” Combs has hired the same lawyer as former FTX CEO Sam Bankman-Fried to defend him after being charged with racketeering and sex trafficking in New York. Notably, both Bankman-Fried and Combs share the same unit in a dormitory-style prison room at the Metropolitan Detention Center in New York.
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2️⃣ Bitwise Files for XRP ETF Following Bitcoin, Ethereum Approvals ☄️
According to a Decrypt report, crypto asset manager Bitwise has filed an application for an XRP fund with the state of Delaware. The application to launch the ETF based on XRP comes after the U.S. Securities and Exchange Commission (SEC) approved Bitcoin and Ethereum ETFs from various firms earlier this year. While Bitwise confirmed the filing was real, it stated that it doesn’t plan to comment on a “fund that is in the filing stage.”
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3️⃣ Proton Says Swan Bitcoin Lawsuit Is ‘Fatally Flawed,' Seeks Dismissal 🤔
Proton Management, the Bitcoin mining firm accused by Swan Bitcoin of stealing its mining business, has reportedly denied the allegations and filed a motion calling for the case’s dismissal. Specifically, Proton Management described the accusations made by Swan as “fatally flawed” because it “does not have a mining business” to begin with. Proton stated that the Bitcoin mining business, 2040 Energy, was a separate entity fully funded by stablecoin issuer Tether. Proton also refuted accusations that it used Swan’s proprietary information or trade secrets. Proton also argued for the denial of Swan’s ex parte applications on the grounds that the California court it filed them in lacks personal jurisdiction over Proton, which is incorporated in the British Virgin Islands.
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4️⃣ Bitcoin ETFs See Biggest Outflow In A Month As Middle East Tensions Surge 🕯
According to data from SoSoValue, spot Bitcoin exchange-traded funds (ETFs) in the United States recorded their largest daily net outflows since Sept. 3 on Tuesday, with an aggregate outflow of $242.6 million. This also marked the end of an eight-day streak of positive flows. The outflows follow rising tensions in the Middle East with Iran’s launch of a missile attack on Israel on Oct. 1.
As for specific contributions towards yesterday’s outflows, Fidelity’s FBTC recorded the largest net outflow with $144.67 million exiting the fund. Ark and 21Shares’ ARKB followed, with net outflows of $84.35 million. Bitwise’s BITB reported net outflows of $32.7 million and VanEck’s logged $15.75 million in net outflows. Grayscale’s GBTC recorded $5.9 million in net outflows. There were zero flows for Invesco, Franklin, Valkyrie, WisdomTree, and Grayscale’s Mini Bitcoin Trust. BlackRock iShares Bitcoin Trust was the only one to post positive flows, recording $40.8 million for the day.
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5️⃣ Australia's 'Operation Kraken' Seizes Over $6 Million In Crypto After Deciphering Seed Phrases From Organised Crime Wallets 🔍
Australian Federal Police have reportedly seized 9.3 million Australian dollars ($6.4 million) worth of crypto from the alleged mastermind behind Ghost - an encrypted messaging service used by organised crime groups to coordinate illegal activities. Notably, the authorities claim the crypto was seized by “deciphering the ‘seed phrase’ of the accused’s crypto wallet address. They claim this was done by conducting an “analysis of digital devices” recovered from the home of the accused. The operation was reportedly part of the AFP’s ongoing “Operation Kraken.”
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🔔 MARKET MOVING NEWS! (01/10/24)
1️⃣ Ripple Receives In-Principle License Approval In Dubai ⚡️
Payment infrastructure firm Ripple has reportedly received an in-principle license approval from the Dubai Financial Services Authority (DFSA). This allows the firm to establish a presence in the United Arab Emirates (UAE). Once the firm receives approval for a full license, it will be able to offer cross-border payment services for fiat and digital assets in the Dubai International Financial Center.
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2️⃣ Base Creator Jesse Pollak To Join Coinbase Exec Team And Lead Wallet Charge ‼️
Jesse Pollak, the creator of the Ethereum layer 2 blockchain Base, has announced he is officially “stepping up” to head Coinbase’s web3 Wallet division. Pollak will reportedly take this role while continuing to lead the Base team. Pollak was also added to Coinbase’s eight-member executive team. In a social media post announcing the move, Pollak stated that Base and Coinbase Wallet “share the same north star.” Specifically, to make it simpler for people to get on-chain and connect to web3 apps across the ecosystem.
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3️⃣ FTX's Reorganisation Plan Gains Support From Over 94% Of Dotcom Voting Creditors 🔥
In a filing made Monday, FTX’s restructuring administrator Kroll disclosed the voting results for its reorganisation plan. The filing shows that over 94% of FTX Dotcom clients voted in favour. The plan promises to return 118% of claims in cash to most creditors, who represent about $6.83 billion in claims by value. Specifically, two classes of creditors did not return ballots and were presumed to accept the plan. With creditor approval secured, the next step is for the bankruptcy court to approve the reorganisation plan. A hearing is set on Oct. 7 for the same.
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4️⃣ Metaplanet Buys Another 107 Bitcoin, Pushing Stock-BTC Ratio to 20% 💰
Japanese investment firm Metaplanet has reportedly purchased an additional 107 BTC (worth $6.9 million) at an average price of 9.26 million yen ($64,168) per BTC. The purchase comes after the firm had arranged a $6.8 million loan in early August from shareholder British Virgin Islands-based MMXX Ventures. At the time, the firm stated the entire amount was allocated for purchasing bitcoin. The firm now holds over 500 BTC and is the largest holder among publicly traded Asian firms after Hong Kong-based Meitu. The latest announcement bumped the company’s stock prices, bringing the market capitalisation to holdings ratio to the joint highest of 20% on Tuesday.
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5️⃣ Ohio Senator Introduces Bill to Allow Bitcoin, Crypto Payments for State Taxes 💸
Yesterday, Ohio State Senator Niraj Antani proposed legislation that would establish Ohio as one of the few states to accept crypto payments for state and local taxes. It requires all political subdivisions in Ohio to accept Bitcoin and other cryptocurrencies for payments. The legislation would also allow state institutions of higher education and the state pension fund to invest in cryptocurrency if they choose to.
Noting how the bill seeks to normalise crypto usage in Ohio’s financial sector, Antani stated,
Cryptocurrency is not just the future, but it’s the present of our 21st-century economy.
🔔 MARKET MOVING NEWS! (30/09/24)
1️⃣ Polymarket Users Complain Of Mysterious Google Login Wallet Attacks ❓
According to a Cointelegraph report, multiple users of the Polymarket prediction market app have complained of their wallets being mysteriously drained after they logged in via their Google accounts. The report recounts the story of two victims who have reached out to the publication. In both cases, users’ deposits were instantly drained and sent to an account labelled “Fake_Phishing399064.” These users also claimed that they had only used a google login and had never used an external wallet to connect to the platform. According to reports from victims, Polymarket has claimed that the attacks are only occurring against a few users and are not widespread.
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2️⃣ Dutch Regulator Warns Of Crypto Pump-And-Dump Risks Ahead Of MiCA ▶️
In a recently published press release, the Dutch Authority for the Financial Markets (AFM) warned citizens about the risks of cryptocurrency pump-and-dump schemes. Notably, this comes ahead of MiCA officially kicking into effect in the territory on Dec. 30. The AFM will supervise and enforce the new regulations in the Netherlands. Under MiCA, market manipulation practices like pump-and-dump schemes will be explicitly prohibited in the European Union.
Source
3️⃣ FTX Distribution Payments Do Not Begin On Sept. 30 ❌
Cointelegraph published a report debunking recent rumours that the FTX bankruptcy estate was going to begin distributing reimbursement funds to creditors and customers on Sept. 30. The report noted that the reimbursement plan has not yet been approved by a court of law. It cited an updated Chapter 11 filing which shows that the next court hearing to confirm the restructuring plan is on Oct. 7. It clarified that even if the plan is approved, claimants with claims under $50,000 would only start receiving payments by the end of 2024. As for those with larger claims, it noted that they may not receive distributions until the first or second quarter of 2025.
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4️⃣ Crypto Wallet Drainer Was On Google Play For Months, Stole $70K 🥶
According to a recent blog post by IT security firm Check Point Research, a crypto wallet drainer managed to stay listed on the Google Play store for months by disguising itself as the WalletConnect protocol. The blog post claims the malicious app used “advanced evasion techniques” to steal more than $70,000 in five months. The security company noted that this was “the first time drainers exclusively targeted mobile users.” It explained that the app used fake reviews and consistent branding to achieve over 10,000 downloads by ranking high in search results.
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5️⃣ Crypto Services Provider Matrixport Buys Crypto Finance's Asset Management Unit 🤝
Singapore-based crypto financial services platform Matrixport has announced the official completion of an all-cash acquisition of Swiss-compliant crypto asset management company Crypto Finance (Asset Management) AG (CFAM). The acquisition is part of Matrixport’s expansion in Europe. CFAM has now been renamed to Matrixport Asset Management AG (MAM).
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6️⃣ Global Crypto Investment Products Add $1.2 Billion In Net Weekly Inflows As Ethereum Funds Break Five-Week Negative Streak: CoinShares 🔍
According to CoinShares’ latest report, digital asset investment products recorded net inflows of $1.2 billion last week. This is the largest weekly net inflow in 10 weeks. Spot Bitcoin ETFs reportedly accounted for $1.1 billion of the $1.2 billion in net inflow last week. The report states that the positive net inflows were driven by “continued expectations of dovish monetary policy in the U.S. and associated positive price momentum.” It also noted that the SEC’s approval of the listing and trading of options for BlackRock’s spot Bitcoin exchange-traded fund likely boosted sentiment.
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🔔 MARKET MOVING NEWS! (29/09/24)
1️⃣ User Loses $32 Million spWETH In A Sophisticated Phishing Attack ❌
According to security firm CertiK, a crypto whale wallet ending in “e57” lost over $32 million worth of Spark Wrapped Ethereum tokens (spWETH) after signing a malicious transaction. While data from Arkham Intelligence revealed that the compromised wallet may belong to F2Pool founder Shixing Mao; this information has yet to be verified. The malicious transaction was reportedly powered by the Inferno Drainer scam-as-a-service, indicating that the wallet fell to a phishing service.
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2️⃣ BlackRock's Spot Ethereum ETF Surpasses $1 Billion In Value For The First Time 📈
According to data from SoSoValue, US-based spot Ethereum ETF logged their highest weekly inflows since early August on Friday. Notably, this comes after a streak of six straight weeks of negative outflows. Friday's inflows were led by Fidelity's FETH fund, followed by BlackRock's ETHA fund. While Fidelity saw the bigger one-day inflow, BlackRock's fund achieved a significant milestone after Friday's inflows. Specifically, BlackRock's spot Ethereum fund achieved a total net asset value of over $1 billion on Friday. It is the second such fund to achieve that value following Grayscale's Ethereum Mini Trust.
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3️⃣ Billionaire Bitcoiner Slams UK Tax System, Leaves For Swiss Bitcoin City 💸
The German-born billionaire investor Christian Angermayer has reportedly left the United Kingdom for Switzerland’s Bitcoin hub, Lugano. He cited the UK’s plans to raise taxes on offshore wealth as his reason for leaving the country. Angermayer reportedly avoided paying taxes on overseas income and earnings for up to 15 years while living in the UK due to being classified as a “non-dom.” However, the UK government changed this provision in March 2024 by limiting it to four years instead of the current 15. Prime Minister Keir Starmer’s Labour Party now wants to take this further by eliminating inheritance tax breaks on assets held in overseas trusts.
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4️⃣ FTX Payout Plan Last-Minute Changes Leave Creditors Feeling ‘Scammed Twice’ 🔍
According to recent court documents shared by self-proclaimed FTX creditor activist Sunil Kavuri, platform users are now expected to recover only 10-25% of their lost assets. The documents revealed that FTX will transfer 18% of forfeited funds from the US Department of Justice into a special “Preferred Shareholder Remission Fund.” This will go towards compensating FTX’s preferred shareholders — investors who held equity in the company before its collapse. Kavuri also pointed out that repayments will be calculated based on the asset prices at the time of FTX’s bankruptcy filing. Notably, BTC’s price was around $16,000 at the time, while its current value is $65,000.
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🚨 New Video Alert!! 🚨
If you’ve been involved in crypto for more than 5 minutes, you’ll know that Telegram is an absolute must. There are literally hundreds - if not thousands - of channels dedicated to giving you crypto alpha.
Some of these channels are better than others (to put it politely), which raises the question of which channels you should be following to have the best chance of making some serious gains. Let’s face it - separating those golden nuggets of information out of all the noise and BS can be easier said than done.
Thankfully, we’ve got you covered. Today’s video will take a look at 10 channels that members of the Coin Bureau team actively follow. You’ll get a wide variety of alpha from these, allowing you to stay ahead of the game when it comes to early crypto projects, airdrops, on-chain activity and so much more.
Enjoy!
PS: These are in no particular order, but we’ll let you figure out which channel made it 1st on our list!!
🔥 Rally Report 🔥
NERVOS NETWORK
The price of CKB has rallied by 10% in the past 24 hours.
WHY?!
🕯 The rally appears to be led by the speculative trading activity of traders on the South Korean crypto exchange Upbit. Almost 60% of CKB’s global trading volume today comes from Upbit - the exchange saw almost $150 million in trading volume over the past 24 hours.
☄️ Marketing firm Undefined Labs also announced a strategic partnership with the CKB Eco Fund yesterday. This may have sparked the initial leg of the CKB’s rally.
If you want to buy or trade CKB, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🔔 MARKET MOVING NEWS! (27/09/24)
1️⃣ Tornado Cash’s Roman Storm To Stand Trial After Judge Denies Dismissal ❓
A U.S. federal judge has reportedly denied Tornado Cash co-founder Roman Storm’s motion to dismiss a case brought against him by the United States government. He will now face a criminal trial on money laundering charges. Specifically, prosecutors charged Storm with conspiring to operate an unlicensed money transmitter, facilitating money laundering and sanctions evasion in operating the coin-mixing service. The judge made her ruling, stating that she “cannot simply accept Mr. Storm’s narrative that he is being prosecuted merely for writing code.” While she accepted that Tornado Cash was different from other financial services or money-transmitting firms, she noted that the platform “was not an altruistic venture.” She highlighted the Justice Department’s accusation that Tornado Cash received nearly $1 million in funding from a venture capital firm with the expectation it would get a cut of the profits.
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2️⃣ Swan Bitcoin Claims Former Employees, Tether Conspired to Steal Its Mining Business 💸
In a lawsuit filed Wednesday, Bitcoin financial services firm Swan alleged that ex-employees of the company, including former executives, conspired with stablecoin giant Tether to execute a “rain and hellfire” plan to usurp the firm’s Bitcoin mining business.
Specifically, the lawsuit alleges that the former employees stole “highly proprietary code” from Swan’s Bitcoin mining monitoring software. It then alleges the employees conspired to resign en masse and create a competing company called Proton Management. Proton’s employees are alleged to have subsequently stolen Swan’s vendors and convinced one of its funding partners, stablecoin issuer Tether, to abandon Swan and work with them instead. The lawsuit claims this “irreparably harmed Swan’s ability to compete in the market.” It also claims that Proton’s scheme, in part, depended on Tether delivering Swan with a "default notice" that would provide the "legal cover" for the hostile takeover.
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3️⃣ Ethena Plans To Launch New Stablecoin Backed By Blackrock's Tokenized BUIDL Fund 💵
Synthetic dollar protocol Ethena is reportedly set to launch a new stablecoin, UStb, in collaboration with the real-world asset tokenisation platform Securitize. According to the announcement, UStb will function similarly to traditional stablecoins and its reserves will be made up of shares in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) which invests in U.S. dollars, short-term U.S. Treasury bills and repurchase agreements. The team behind Ethena stated that UStb will help USDe manage risk during tough markets by allowing Ethena's governance to reallocate backing assets to UStb when needed.
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4️⃣ Crypto Hackers Nabbed $409M in Q3: Immunefi ‼️
According to a recent Immunefi report, hackers stole $409 million worth of cryptocurrency and an additional $3 million was lost to fraud in Q3 2024. This figure is 40% less than the one recorded in Q3 2023. A significant portion of the funds lost this quarter came from crypto exchange hacks, with India's WazirX losing $235 million and Singapore's BingX $52 million. The report said 32 other hacks accounted for 32% of total losses.
Mitchell Amador, the founder and CEO of ImmuneFi stated,
We're seeing a higher number of incidents targeting DeFi, while CeFi experiences fewer incidents but often with more severe consequences, with hundreds of millions in stolen funds in a single exploit. In CeFi, the biggest infrastructural issue is private key management, which is essential to maintaining the self-custody of crypto assets but is not typically subject to security audits. It requires rigorous key management policies, practices, and emergency plans.
6️⃣ WazirX Granted Four-Month Moratorium To Restructure Its Liabilities After $230 Million Hack ▶️
The High Court of Singapore has reportedly granted a four-month moratorium to Zettai Pte Ltd, the Singapore holding company behind the Indian crypto exchange WazirX. This will allow the company more time to restructure its liabilities following WazirX’s $230 million exploit in July. The application was filed on Aug. 27 by Zettai Director Nischal Shetty. However, the time approved by the court falls short of the six-month moratorium originally requested. The moratorium was approved under the conditions that WazirX would make its wallet addresses public, respond to user queries raised in the courtroom, release its financial information and ensure future voting for court applications is scrutinised by independent parties.
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🔥 Rally Report 🔥
WORLDCOIN
The price of WLD has rallied by 16% in the past 24 hours.
WHY?!
👁 Worldcoin announced the launch of World ID orb verifications in three new countries this week: Guatemala, Malaysia and Poland.
❓ The rally is also likely influenced by the recent news surrounding its sister firm OpenAI. Specifically, OpenAI announced that it is working on a plan to restructure its core business into a for-profit benefit corporation that will no longer be controlled by its non-profit board. It also announced that CEO Sam Altman will gain a yet-to-be-determined equity stake in the for-profit company.
If you want to buy or trade WLD, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🔥 Rally Report 🔥
APTOS
The price of APT has rallied by 7% in the past 24 hours.
WHY?!
☄️ The rally follows news that Aptos Labs signed an agreement to acquire HashPalette, a Japanese NFT service provider. As part of the deal, Palette Chain (HashPalette’s blockchain) and its existing applications will move over to the Aptos Network. This is part of Aptos’ strategy to grow in Asia.
🎙 This is the latest in a line of bullish announcements from the project. Just a day earlier, Franklin Templeton, in collaboration with the Aptos Foundation, announced the launch of its OnChain U.S. Government Money Fund (FOBXX) on the Aptos blockchain.
If you want to buy or trade APT, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
Stablecoins are an important indicator for which way the crypto market is headed. When stablecoin market cap grows, it suggests more money is moving into the market, but what if it doesn’t anymore?
The use of stablecoins for non-crypto purposes has been growing, thanks in large part to efforts by payments processors like Visa to integrate them into their infrastructure.
Today we summarise a recent stablecoin report that was sponsored by Visa. Its findings could have profound implications on which cryptos could rally the most during this cycle and beyond.
Enjoy!
🔥 Rally Report 🔥
WORMHOLE
The price of W has rallied by 20% in the past 24 hours.
WHY?!
📈 The rally is driven by speculative trading activity on the South Korean crypto exchange Upbit.
‼️ Notably, this comes after Upbit announced the listing of trading pairs for W against KRW, BTC, and USDT earlier today.
If you want to buy or trade W, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
BNB is one of the largest cryptocurrencies, and for good reason. It’s the exchange chain for the world’s largest crypto exchange, Binance. As you may have heard, its co-founder and former CEO CZ is out.
For context, CZ just finished serving 4 months in prison as part of an unprecedented settlement with US authorities. The fact that he founded BNB therefore makes this a very bullish catalyst for the crypto.
The caveat is that BNB faces lots of challenges this time around, including a relationship with Binance that isn’t as close, lots of competition, and continued regulatory scrutiny. Can BNB still moon?
Stay tuned to find out!
🔥 Rally Report 🔥
EIGENLAYER
The price of EIGEN has rallied by 11% in the past 24 hours.
WHY?!
⚡️ Transfer restrictions on the EIGEN token were finally lifted earlier today. Investors are bullish since the transfer unlock allows developers to start building Actively Validated Services (AVSs) using EIGEN staking.
‼️ The token was listed on most major cryptocurrency exchanges, including Binance, Bybit, OKX, and Kraken. It’s also available on the Uniswap v3 DEX. The opening price of EIGEN fell in line with analyst expectations.
If you want to buy or trade EIGEN, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 Livestream Alert!! 🚨
It’s time for another weekly crypto review!
Today we cover:
- China Starts Stimulus
- Coinbase Custody Controversy
- Kamala Crypto Champion?
- Celestia Going Interstellar
- TradFi Goes Ape
- Top Gainers in Crypto
Join us LIVE!
🔥 Rally Report 🔥
FTX TOKEN
The price of FTT has rallied by 34% in the past 24 hours.
WHY?!
🤔 The rally appears to follow rumours that the FTX bankruptcy estate will begin distributing reimbursement funds to creditors and customers on Sept. 30.
❌ However, this rumour has been debunked by a recent Cointelegraph report. The publication noted that the plan has not yet been approved by the U.S. judge presiding over the proceedings.
If you want to buy or trade FTT, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
Where is retail?
It’s the million sat question. If you can answer it, you’re well positioned to succeed in the bull market.
To answer, we need cold hard data about who is in the crypto market, who’s left it, who’s coming back, and when. Today’s your lucky day, because we’re unpacking a new report that addresses all of this and more.
If you want to make the most of this run, this is a video you can’t miss!
🔔 MARKET MOVING NEWS! (28/09/24)
1️⃣ Staking Protocol Bug Let Users Swap One Bitcoin for One Ethereum 🧐
Staking protocol Bedrock reportedly suffered a security exploit that allowed users to swap 1 Universal Bitcoin (a wrapped Bitcoin on the platform) for 1 Ethereum, despite the price difference between the two assets. This resulted in an estimated $2 million being drained from the protocol. The team behind the protocol has announced that the exploit has now been "handled," and they are working to recover the lost funds. They also stated that a reimbursement plan was being “finalised,” and that they plan to share proof-of-reserves “once it is available.” The vulnerability was reportedly the result of a contract upgrade that took place 36 hours before the attack. The upgrade mismatched the exchange rate between Ethereum and Bitcoin on the platform.
Source
2️⃣ DeFi Protocol Onyx Hit With A $3.2 Million Exploit, Marking Second Attack Within A Year ❌
Onyx, a fork of DeFi lending protocol Compound Finance, suffered a $3.2 million exploit on Thursday. This marks the protocol’s second exploit in the past year, following a $2.1 million attack last October.
According to security firm Fuzzland, the latest attack involved a malicious contract deployed to Onyx approximately five minutes before the attack occurred. It reportedly exploited known vulnerabilities in the Compound V2 code base alongside an additional vulnerability in the protocol’s NFT liquidation contract. The attacker used this to siphon various stablecoins from the protocol, including VUSD, DAI, and USDT. While most of the protocol’s losses were in VUSD, the attacker also holds 521 ETH worth about $1.36 million. They have yet to swap and move the stolen assets.
Source
3️⃣ Fantasy Sports Company Sorare Charged With Providing Unlicensed Gambling Facilities in U.K. ‼️
The United Kingdom’s Gambling Commission has reportedly charged fantasy sports company Sorare with providing unlicensed gambling facilities in the country. The charges follow an almost three-year inquiry by the regulator and mark the Gambling Commission's first action against a blockchain-based platform. Sorare needs to appear before the Birmingham Magistrates’ Court on Oct. 4.
Source
4️⃣ SEC Files ‘Settled Charges’ Against Mango Markets Operators 🔍
The U.S. Securities and Exchange Commission reportedly filed “settled charges” against the Mango DAO, Mango Labs LLC and Blockworks Foundation yesterday. The complaint alleges that the MNGO token was an unregistered security and that the latter entities offered unregistered broker services. As part of the settlement agreement, the entities have collectively agreed to pay the SEC $700,000 in civil penalties.
They also agreed to destroy their MNGO tokens and take steps to completely remove investment access to MNGO. This includes requesting the delisting of MNGO from trading platforms and refraining from soliciting any trading platform to allow the trading of MNGO. The SEC noted that the settlement, which is still subject to court approval, was reached without any party admitting or denying wrongdoing. The settlement comes just over a month after the Mango DAO held an open vote to decide whether it should adopt the settlement offer proposal.
Source
The U.S. Department of Justice (DOJ) has reportedly seized website domains linked to three crypto exchanges accused of facilitating more than $800 million in illicit transactions. It also charged two Russian nationals Sergey Ivanov and Timur Shakhmametov for their involvement in operating money laundering services that catered to cybercriminals using cryptocurrencies.
The DOJ stated these actions were part of a coordinated crackdown on Russian money laundering operations. It described the operation as a "coordinated international effort" involving authorities in the Netherlands, Latvia, Germany, U.K, Europol, and multiple U.S. agencies. The seized websites belong to Russia-linked payment and exchange platforms Cryptex.net, UAPS, PinPays, and PM2BTC.
Source
6️⃣ Binance Founder ‘CZ’ Leaves Prison On Friday: Fortune 🔍
According to a Fortune Crypto report, Binance founder Changpeng Zhao (CZ) may be released from prison later today. The report stated that CZ’s release date was moved up from Sunday, September 29, to Friday, September 27, since prison guidelines don’t allow the release of inmates on weekends. The report notes that, once released, CZ may likely travel to Dubai or Paris where his children live with their mother, He Ye.
Source
🔥 Rally Report 🔥
WORMHOLE
The price of W has rallied by 17% in the past 24 hours.
WHY?!
🎙 The rally is likely driven by a recent announcement made by the tokenisation platform Securitize. Notably, Securitize recently chose Wormhole to be its official interoperability provider to facilitate cross-chain transfers for all tokenised assets on its platform.
💵 Securitize announced a recent partnership with the synthetic dollar protocol Ethena that will see Ethena launch a new stablecoin, UStb. Specifically, Ethena will use Securitize to invest its reserves for UStb in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which is tokenized on Ethereum. This is also expected to be bullish for W.
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🚨 New Video Alert!! 🚨
If you’ve been keeping up with the latest in crypto news, you’ll have seen that Ethereum insiders have been selling. This includes the Ethereum Foundation, as well as co-founders such as Jeffrey Wilcke and Vitalik Buterin.
Naturally, this begs the question of whether this is part of the reason for ETH’s lacklustre performance. On the surface, there’s probably a good chance that this hasn’t exactly helped things, but if you dig a little deeper you’ll soon see that there are many more layers to the story.
Today, we’ll be taking a look at these sales, as well as other factors that are contributing to Ethereum’s relative disappointment. If you hold ETH in your portfolio, or are considering scooping some up, this is a video you’ll want to watch until the end.
🔔 MARKET MOVING NEWS! (26/09/24)
1️⃣ Curve Mulls Dropping TUSD As crvUSD Backing After SEC Charges 🤔
DeFi project Curve Finance is reportedly considering dropping TrueUSD (TUSD) from the list of tokens serving as collateral for its Curve Stablecoin (crvUSD). Cross-chain messaging protocol Wormhole, the entity behind this proposal on Curve’s governance forum, stated that it wanted to fully remove crvUSD’s exposure to TUSD due to “regulatory risk and solvency concerns.”
Specifically, this relates to recently settled charges brought by the United States Securities and Exchange Commission against TrueCoin, TUSD’s issuer. The SEC’s complaint alleged that 99% of the reserves backing TrueUSD were invested in a speculative fund, raising doubts about its stability. Wormhole’s proposal also suggested reducing the amount of crvUSD mintable with Paypal’s stablecoin, PYUSD from $15 million to $5 million.
Source
2️⃣ Kamala Harris Vows to Keep US ‘Dominant in Blockchain’ 🎙
During a speech at The Economic Club of Pittsburgh, U.S. Vice President Kamala Harris vowed that blockchain, AI, and other emerging technologies will be a key part of her administration if elected president in November. She also emphasised the need for the U.S. to “remain dominant” in blockchain and other emerging technologies, pledging to create a supportive environment for innovation while protecting consumers.
She stated,
We will invest in biomanufacturing and aerospace, remain dominant in AI and quantum computing, blockchain and other emerging technologies, [and] expand our lead in clean energy innovation and manufacturing, so the next generation of breakthroughs—from advanced batteries to geothermal to advanced nuclear—are not just invented, but built here in America by American workers.
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